Industry's supply curves tend to be less elastic than the supply curves of individual firms.
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Q9: A competitive firm will exit the industry
Q10: Higher costs,whether fixed or variable,will cause a
Q11: A firm that has not shut down
Q12: A new licensing fee would cause an
Q13: When a competitive firm earns zero profit,the
Q15: In a competitive constant-cost industry,all firms have
Q16: A perfectly competitive firm is one that
Q17: Only variable costs are relevant to a
Q18: In a competitive equilibrium,the industry's output is
Q19: The number of firms in an industry
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